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SEC Approves Whistleblower Rules

May 25, 2011
Wall Street Journal

The Securities and Exchange Commission on Wednesday approved rules that allow whistleblowers to claim cash rewards for information their employers pass on to the agency, striking a balance meant to encourage employees to come forward while protecting the integrity of internal compliance programs.

The rules flesh out a Dodd-Frank Act provision that provides huge financial incentives for people to report securities fraud to the SEC. Several major companies and corporate lawyers had argued for a regulation that would require employees to report problems through internal compliance programs to be eligible for a reward — which, under the law, could amount to as much as 30% of a penalty of more than $1 million collected by the commission. To read the complete article click here.

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